Ethereum Trades At A Historical Accumulation Level: Can Bulls Hold $2,600
Ethereum has slipped below the $2,800 level and is now struggling to hold the $2,700 area, extending a phase of price weakness amid fragile market conditions. Recent price action shows limited follow-through on rebounds. With sellers continuing to cap upside attempts as broader risk appetite remains uneven. While spot momentum has softened, on-chain data suggests a more nuanced picture beneath the surface. ETH is trading below its short- and medium-term moving averages. With the 50-day and 100-day averages acting as dynamic resistance on recent rebounds. The 200-day moving average, still trending higher above $3,500, highlights the loss of long-term momentum and reinforces the idea that the market has shifted into a consolidation-to-distribution phase rather than a continuation of the prior uptrend. Importantly, the $2,700 area aligns closely, driven by panic selling but rather by a lack of aggressive follow-through under pressure since December, suggesting the presence of structurally committed buyers. Volume has declined during recent sell-offs. This indicates that downside moves are not being driven by panic selling, but rather by a lack of aggressive follow-through from buyers.Related Reading
As long as ETH holds above the $2,650–$2,70signal a deeper retracement, whereasemain range-bound, with volatility compressing. A decisive breakdown below this zone would open the door to a deeper retracement, while stabilization here would support the case for base-building rather than trend continuation.
Featured image from ChatGPT, chart from TradingView.com
About Author
